Pale Fire Capital SE Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PHR	PHREESIA INC	8,649,329	$72,481	6.4%	$14.26	0.0%	COM	71944F106
COUR	COURSERA INC	10,511,603	$61,178	5.4%	$6.38	0.0%	COM	22266M104
LSPD	LIGHTSPEED COMMERCE INC	5,524,591	$49,500	4.3%	$8.96	—	SUB VTG SHS	53229C107
PTON	PELOTON INTERACTIVE INC	6,234,577	$26,746	2.4%	$5.43	0.0%	CL A COM	70614W100
WEAV	WEAVE COMMUNICATIONS INC	1,492,806	$6,897	0.6%	$6.38	0.0%	COM	94724R108
UDMY	UDEMY INC	1,307,141	$6,039	0.5%	$5.04	0.0%	COM	902685106
SPT	SPROUT SOCIAL INC	343,841	$1,960	0.2%	$8.73	0.0%	COM CL A	85209W109
DV	DOUBLEVERIFY HLDGS INC	110,500	$1,050	0.1%	$10.24	0.0%	COM	25862V105
SM	SM ENERGY COMPANY	14,700	$458	0.0%	$19.89	0.0%	COM	78454L100
RPD	RAPID7 INC	79,249	$437	0.0%	$10.94	0.0%	COM	753422104
EXFY	EXPENSIFY INC	481,051	$418	0.0%	$1.38	0.0%	COM CL A	30219Q106
KOS	KOSMOS ENERGY LTD	145,000	$403	0.0%	$1.45	0.0%	COM	500688106
RIGL	RIGEL PHARMACEUTICALS INC	14,252	$385	0.0%	$37.04	0.0%	COM	766559702
SLNO	SOLENO THERAPEUTICS INC	8,450	$283	0.0%	$41.63	0.0%	COM	834203309
KSPI	KASPI KZ JSC	3,600	$267	0.0%	$74.07	—	SPONSORED ADS	48581R205
TOST	TOAST INC	10,000	$265	0.0%	$31.01	0.0%	CL A	888787108
MRX	MAREX GROUP PLC	5,368	$239	0.0%	$40.08	0.0%	ORD	G5S37H101
GPRK	GEOPARK LTD	21,500	$204	0.0%	$7.99	0.0%	USD SHS	G38327105
FULC	FULCRUM THERAPEUTICS INC	26,100	$200	0.0%	$10.37	0.0%	COM	359616109
NPB	NORTHPOINTE BANCSHARES INC.	10,258	$177	0.0%	$17.64	0.0%	COM SHS	66661N886
GRCE	GRACE THERAPEUTICS INC	37,762	$175	0.0%	$3.72	0.0%	COM	00439U104

Increased Positions (21)

BTG B2GOLD CORP 27.8%

Value ($000) $315,923 (+78.2%) Shares 69,740,133 (+77.4%) Est. Cost $3.79 Unrealized +35.3%

ZD ZIFF DAVIS INC 10.3%

Value ($000) $116,790 (+174.6%) Shares 2,783,366 (+130.0%) Est. Cost $35.68 Unrealized -3.6%

CARS CARS COM INC 2.8%

Value ($000) $32,128 (+298.1%) Shares 3,956,618 (+498.1%) Est. Cost $11.55 Unrealized -0.1%

MLYS MINERALYS THERAPEUTICS INC 0.9%

Value ($000) $9,905 (+2536.0%) Shares 365,626 (+3431.3%) Est. Cost $30.85 Unrealized +1.7%

TDOC TELADOC HEALTH INC 1.6%

Value ($000) $18,522 (+36.1%) Shares 3,398,491 (+74.8%) Est. Cost $6.95 Unrealized -16.9%

CMRC COMMERCE.COM INC 0.7%

Value ($000) $7,882 (+155.4%) Shares 2,952,094 (+294.2%) Est. Cost $3.66 Unrealized -9.5%

GUTS FRACTYL HEALTH INC 0.2%

Value ($000) $2,711 (-61.6%) Shares 5,921,045 (+84.5%) Est. Cost $1.42 Unrealized -15.8%

KURA KURA ONCOLOGY INC 0.6%

Value ($000) $6,971 (+48.4%) Shares 857,474 (+89.6%) Est. Cost $7.81 Unrealized +10.2%

LQDA LIQUIDIA CORPORATION 1.3%

Value ($000) $14,657 (+12.0%) Shares 388,377 (+2.4%) Est. Cost $22.97 Unrealized +65.1%

DERM JOURNEY MED CORP 0.2%

Value ($000) $2,261 (-34.1%) Shares 481,987 (+8.4%) Est. Cost $7.45 Unrealized +10.1%

GERN GERON CORP 0.6%

Value ($000) $7,284 (+15.2%) Shares 4,888,304 (+2.1%) Est. Cost $1.30 Unrealized +16.4%

ANGI ANGI INC 2.4%

Value ($000) $26,923 (-3.3%) Shares 3,930,416 (+82.6%) Est. Cost $13.15 Unrealized -12.6%

HRTX HERON THERAPEUTICS INC 0.2%

Value ($000) $2,173 (+13.8%) Shares 2,716,328 (+84.8%) Est. Cost $1.33 Unrealized -1.7%

TARS TARSUS PHARMACEUTICALS INC 0.0%

Value ($000) $396 (+97.5%) Shares 5,652 (+130.5%) Est. Cost $60.83 Unrealized +14.6%

AGIO AGIOS PHARMACEUTICALS INC 0.0%

Value ($000) $462 (+43.2%) Shares 13,650 (+15.2%) Est. Cost $34.16 Unrealized -17.9%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.0%

Value ($000) $346 (+47.3%) Shares 16,514 (+61.7%) Est. Cost $29.25 Unrealized -20.1%

ONIT ONITY GROUP INC 0.0%

Value ($000) $386 (+23.4%) Shares 9,833 (+43.9%) Est. Cost $42.61 Unrealized +8.2%

CRBP CORBUS PHARMACEUTICALS HLDGS 0.0%

Value ($000) $200 (+32.1%) Shares 21,350 (+14.5%) Est. Cost $11.81 Unrealized -31.4%

PALI PALISADE BIO INC 0.0%

Value ($000) $195 (+17.3%) Shares 111,410 (+57.6%) Est. Cost $1.87 Unrealized -4.7%

PESI PERMA-FIX ENVIRONMENTAL SVCS 0.0%

Value ($000) $520 (-4.5%) Shares 48,626 (+12.5%) Est. Cost $10.46 Unrealized +38.6%

PTHS PELTHOS THERAPEUTICS INC 0.0%

Value ($000) $271 (+8.1%) Shares 12,919 (+59.5%) Est. Cost $27.07 Unrealized -11.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BTG	B2GOLD CORP	69,740,133 (+77.4%)	$315,923 (+78.2%)	27.8%	$3.79	+35.3%	COM	11777Q209
ZD	ZIFF DAVIS INC	2,783,366 (+130.0%)	$116,790 (+174.6%)	10.3%	$35.68	-3.6%	COM	48123V102
CARS	CARS COM INC	3,956,618 (+498.1%)	$32,128 (+298.1%)	2.8%	$11.55	-0.1%	COM	14575E105
MLYS	MINERALYS THERAPEUTICS INC	365,626 (+3431.3%)	$9,905 (+2536.0%)	0.9%	$30.85	+1.7%	COM	603170101
TDOC	TELADOC HEALTH INC	3,398,491 (+74.8%)	$18,522 (+36.1%)	1.6%	$6.95	-16.9%	COM	87918A105
CMRC	COMMERCE.COM INC	2,952,094 (+294.2%)	$7,882 (+155.4%)	0.7%	$3.66	-9.5%	COM SER 1	08975P108
GUTS	FRACTYL HEALTH INC	5,921,045 (+84.5%)	$2,711 (-61.6%)	0.2%	$1.42	-15.8%	COM	35168W103
KURA	KURA ONCOLOGY INC	857,474 (+89.6%)	$6,971 (+48.4%)	0.6%	$7.81	+10.2%	COM	50127T109
LQDA	LIQUIDIA CORPORATION	388,377 (+2.4%)	$14,657 (+12.0%)	1.3%	$22.97	+65.1%	COM NEW	53635D202
DERM	JOURNEY MED CORP	481,987 (+8.4%)	$2,261 (-34.1%)	0.2%	$7.45	+10.1%	COM	48115J109
GERN	GERON CORP	4,888,304 (+2.1%)	$7,284 (+15.2%)	0.6%	$1.30	+16.4%	COM	374163103
ANGI	ANGI INC	3,930,416 (+82.6%)	$26,923 (-3.3%)	2.4%	$13.15	-12.6%	CL A NEW	00183L201
HRTX	HERON THERAPEUTICS INC	2,716,328 (+84.8%)	$2,173 (+13.8%)	0.2%	$1.33	-1.7%	COM	427746102
TARS	TARSUS PHARMACEUTICALS INC	5,652 (+130.5%)	$396 (+97.5%)	0.0%	$60.83	+14.6%	COM	87650L103
AGIO	AGIOS PHARMACEUTICALS INC	13,650 (+15.2%)	$462 (+43.2%)	0.0%	$34.16	-17.9%	COM	00847X104
RARE	ULTRAGENYX PHARMACEUTICAL IN	16,514 (+61.7%)	$346 (+47.3%)	0.0%	$29.25	-20.1%	COM	90400D108
ONIT	ONITY GROUP INC	9,833 (+43.9%)	$386 (+23.4%)	0.0%	$42.61	+8.2%	COM NEW	675746606
CRBP	CORBUS PHARMACEUTICALS HLDGS	21,350 (+14.5%)	$200 (+32.1%)	0.0%	$11.81	-31.4%	COM NEW	21833P301
PALI	PALISADE BIO INC	111,410 (+57.6%)	$195 (+17.3%)	0.0%	$1.87	-4.7%	COM	696389402
PESI	PERMA-FIX ENVIRONMENTAL SVCS	48,626 (+12.5%)	$520 (-4.5%)	0.0%	$10.46	+38.6%	COM NEW	714157203
PTHS	PELTHOS THERAPEUTICS INC	12,919 (+59.5%)	$271 (+8.1%)	0.0%	$27.07	-11.0%	COM SHS	171126204

Exited Positions (21)

COIN COINBASE GLOBAL INC 25.3%

Value ($000) $287,605 Shares 1,271,800 Est. Cost — Unrealized —

TSLA TESLA INC 20.5%

Value ($000) $233,854 Shares 520,000 Est. Cost — Unrealized —

HOOD ROBINHOOD MKTS INC 16.5%

Value ($000) $187,294 Shares 1,656,000 Est. Cost — Unrealized —

CGAU CENTERRA GOLD INC 0.7%

Value ($000) $8,496 Shares 591,222 Est. Cost $5.47 Unrealized +221.5%

TEN TSAKOS ENERGY NAVIGATION LTD 0.6%

Value ($000) $6,634 Shares 295,909 Est. Cost $18.47 Unrealized +46.4%

TECX TECTONIC THERAPEUTIC INC 0.5%

Value ($000) $5,445 Shares 261,026 Est. Cost $20.64 Unrealized +2.2%

DAWN DAY ONE BIOPHARMACEUTICALS I 0.4%

Value ($000) $5,071 Shares 544,063 Est. Cost $7.85 Unrealized +40.3%

OEF ISHARES TR 0.3%

Value ($000) $3,308 Shares 19,600 Est. Cost — Unrealized —

WIX WIX COM LTD 0.3%

Value ($000) $3,221 Shares 31,000 Est. Cost $120.92 Unrealized -32.6%

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $2,052 Shares 11,000 Est. Cost — Unrealized —

AGRO ADECOAGRO S A 0.1%

Value ($000) $671 Shares 84,637 Est. Cost $9.67 Unrealized -10.8%

LFCR LIFECORE BIOMEDICAL INC 0.1%

Value ($000) $581 Shares 71,040 Est. Cost $7.20 Unrealized +8.5%

CRTO CRITEO S A 0.0%

Value ($000) $373 Shares 18,097 Est. Cost $20.61 Unrealized —

LXEO LEXEO THERAPEUTICS INC 0.0%

Value ($000) $221 Shares 22,302 Est. Cost $5.85 Unrealized +28.7%

VZLA VIZSLA SILVER CORP 0.0%

Value ($000) $209 Shares 38,201 Est. Cost $2.69 Unrealized +90.6%

ANNX ANNEXON INC 0.0%

Value ($000) $194 Shares 38,600 Est. Cost $3.82 Unrealized +50.3%

— ATAI BECKLEY NV 0.0%

Value ($000) $187 Shares 45,811 Est. Cost $1.37 Unrealized —

LRMR LARIMAR THERAPEUTICS INC 0.0%

Value ($000) $172 Shares 45,218 Est. Cost $6.63 Unrealized -47.8%

NVCR NOVOCURE LTD 0.0%

Value ($000) $139 Shares 10,723 Est. Cost $12.84 Unrealized -2.1%

NEWP NEW PAC METALS CORP 0.0%

Value ($000) $100 Shares 28,477 Est. Cost $1.47 Unrealized +164.4%

RZLT REZOLUTE INC 0.0%

Value ($000) $79 Shares 33,519 Est. Cost $4.71 Unrealized -35.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC	1,271,800	$287,605	25.3%	—	—	PUT	19260Q107
TSLA	TESLA INC	520,000	$233,854	20.5%	—	—	PUT	88160R101
HOOD	ROBINHOOD MKTS INC	1,656,000	$187,294	16.5%	—	—	PUT	770700102
CGAU	CENTERRA GOLD INC	591,222	$8,496	0.7%	$5.47	+221.5%	—	152006102
TEN	TSAKOS ENERGY NAVIGATION LTD	295,909	$6,634	0.6%	$18.47	+46.4%	—	G9108L173
TECX	TECTONIC THERAPEUTIC INC	261,026	$5,445	0.5%	$20.64	+2.2%	—	878972108
DAWN	DAY ONE BIOPHARMACEUTICALS I	544,063	$5,071	0.4%	$7.85	+40.3%	—	23954D109
OEF	ISHARES TR	19,600	$3,308	0.3%	—	—	PUT	464287101
WIX	WIX COM LTD	31,000	$3,221	0.3%	$120.92	-32.6%	—	M98068105
NVDA	NVIDIA CORPORATION	11,000	$2,052	0.2%	—	—	PUT	67066G104
AGRO	ADECOAGRO S A	84,637	$671	0.1%	$9.67	-10.8%	—	L00849106
LFCR	LIFECORE BIOMEDICAL INC	71,040	$581	0.1%	$7.20	+8.5%	—	514766104
CRTO	CRITEO S A	18,097	$373	0.0%	$20.61	—	—	226718104
LXEO	LEXEO THERAPEUTICS INC	22,302	$221	0.0%	$5.85	+28.7%	—	52886X107
VZLA	VIZSLA SILVER CORP	38,201	$209	0.0%	$2.69	+90.6%	—	92859G608
ANNX	ANNEXON INC	38,600	$194	0.0%	$3.82	+50.3%	—	03589W102
—	ATAI BECKLEY NV	45,811	$187	0.0%	$1.37	—	—	N0731H103
LRMR	LARIMAR THERAPEUTICS INC	45,218	$172	0.0%	$6.63	-47.8%	—	517125100
NVCR	NOVOCURE LTD	10,723	$139	0.0%	$12.84	-2.1%	—	G6674U108
NEWP	NEW PAC METALS CORP	28,477	$100	0.0%	$1.47	+164.4%	—	64782A107
RZLT	REZOLUTE INC	33,519	$79	0.0%	$4.71	-35.0%	—	76200L309

Decreased Positions (8)

BAX BAXTER INTL INC 2.3%

Value ($000) $26,590 (-32.9%) Shares 1,582,743 (-23.7%) Est. Cost $20.00 Unrealized +2.3%

GAU GALIANO GOLD INC 0.9%

Value ($000) $10,040 (-49.9%) Shares 4,000,000 (-49.5%) Est. Cost $1.52 Unrealized +89.7%

RGNX REGENXBIO INC 0.4%

Value ($000) $4,137 (-42.5%) Shares 493,726 (-1.2%) Est. Cost $10.58 Unrealized +9.6%

IAC IAC INC 0.2%

Value ($000) $2,173 (-42.4%) Shares 54,281 (-43.8%) Est. Cost $35.02 Unrealized +7.6%

ABEO ABEONA THERAPEUTICS INC 0.0%

Value ($000) $313 (-66.0%) Shares 69,845 (-60.0%) Est. Cost $5.03 Unrealized +2.6%

HROW HARROW INC 0.0%

Value ($000) $300 (-48.0%) Shares 8,515 (-27.7%) Est. Cost $33.57 Unrealized +43.3%

RLMD RELMADA THERAPEUTICS INC 0.0%

Value ($000) $220 (+2.4%) Shares 31,650 (-29.0%) Est. Cost $3.35 Unrealized +19.8%

CGEM CULLINAN THERAPEUTICS INC 0.0%

Value ($000) $202 (+1.0%) Shares 14,218 (-26.4%) Est. Cost $7.74 Unrealized +54.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAX	BAXTER INTL INC	1,582,743 (-23.7%)	$26,590 (-32.9%)	2.3%	$20.00	+2.3%	COM	071813109
GAU	GALIANO GOLD INC	4,000,000 (-49.5%)	$10,040 (-49.9%)	0.9%	$1.52	+89.7%	COM	36352H100
RGNX	REGENXBIO INC	493,726 (-1.2%)	$4,137 (-42.5%)	0.4%	$10.58	+9.6%	COM	75901B107
IAC	IAC INC	54,281 (-43.8%)	$2,173 (-42.4%)	0.2%	$35.02	+7.6%	COM NEW	44891N208
ABEO	ABEONA THERAPEUTICS INC	69,845 (-60.0%)	$313 (-66.0%)	0.0%	$5.03	+2.6%	COM NEW	00289Y206
HROW	HARROW INC	8,515 (-27.7%)	$300 (-48.0%)	0.0%	$33.57	+43.3%	COM	415858109
RLMD	RELMADA THERAPEUTICS INC	31,650 (-29.0%)	$220 (+2.4%)	0.0%	$3.35	+19.8%	COM	75955J402
CGEM	CULLINAN THERAPEUTICS INC	14,218 (-26.4%)	$202 (+1.0%)	0.0%	$7.74	+54.7%	COM	230031106

Unchanged Positions (10)

GRPN GROUPON INC 10.6%

Value ($000) $121,155 Shares 10,181,070 Est. Cost $10.19 Unrealized +42.9%

DOLE DOLE PLC 11.8%

Value ($000) $134,719 Shares 9,427,476 Est. Cost $10.60 Unrealized +45.3%

IAUX I-80 GOLD CORP 2.8%

Value ($000) $31,681 Shares 20,843,056 Est. Cost $0.82 Unrealized +114.8%

SNDX SYNDAX PHARMACEUTICALS INC 0.6%

Value ($000) $6,645 Shares 284,460 Est. Cost $17.45 Unrealized +19.0%

HELP CYBIN INC 0.1%

Value ($000) $737 Shares 153,505 Est. Cost $8.84 Unrealized -19.6%

SGMT SAGIMET BIOSCIENCES INC 0.1%

Value ($000) $1,159 Shares 221,875 Est. Cost $7.18 Unrealized -19.2%

ENGN ENGENE HOLDINGS INC 0.0%

Value ($000) $163 Shares 24,004 Est. Cost $7.67 Unrealized +26.0%

DCTH DELCATH SYS INC 0.0%

Value ($000) $372 Shares 40,085 Est. Cost $9.94 Unrealized +0.5%

XFOR X4 PHARMACEUTICALS INC 0.1%

Value ($000) $692 Shares 167,590 Est. Cost $3.08 Unrealized +18.0%

IMTX IMMATICS N.V 0.0%

Value ($000) $160 Shares 16,272 Est. Cost $10.44 Unrealized -6.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GRPN	GROUPON INC	10,181,070	$121,155	10.6%	$10.19	+42.9%	COM NEW	399473206
DOLE	DOLE PLC	9,427,476	$134,719	11.8%	$10.60	+45.3%	ORD SHS	G27907107
IAUX	I-80 GOLD CORP	20,843,056	$31,681	2.8%	$0.82	+114.8%	COM	44955L106
SNDX	SYNDAX PHARMACEUTICALS INC	284,460	$6,645	0.6%	$17.45	+19.0%	COM	87164F105
HELP	CYBIN INC	153,505	$737	0.1%	$8.84	-19.6%	COM NEW	23256X407
SGMT	SAGIMET BIOSCIENCES INC	221,875	$1,159	0.1%	$7.18	-19.2%	COM SER A	786700104
ENGN	ENGENE HOLDINGS INC	24,004	$163	0.0%	$7.67	+26.0%	COM	29286M105
DCTH	DELCATH SYS INC	40,085	$372	0.0%	$9.94	+0.5%	COM NEW	24661P807
XFOR	X4 PHARMACEUTICALS INC	167,590	$692	0.1%	$3.08	+18.0%	COM NEW	98420X202
IMTX	IMMATICS N.V	16,272	$160	0.0%	$10.44	-6.0%	SHS	N44445109